New York-based development firm Twining Properties and its investment partner CBD lined up $70 million in debt and equity to fund the development of a 27-story residential rental project in Long Island City, Commercial Observer has learned.
Cushman & Wakefield President of Equity, Debt & Structured Finance Steve Kohn, Managing Director Mark Ehlinger and Director John Spreitzer arranged the $70 million financing package, which consisted of about $38 million in debt from Santander Bank, based on city records. The remaining financing was from joint venture equity.
Twining’s partner, CBD, is a New York-based fund led by Charles Berman, formerly the president and chief operating officer of real estate-investment trust AvalonBay Communities. The group invests in multifamily properties, Alex Twining, the chief executive officer and president of Twining Properties, told CO.
Mr. Twining’s namesake company—which co-developed MiMA Tower at 460 West 42nd Street with Related Companies—is using the funding to build Watermark Court Square at 27-19 44th Drive between Thomson and Jackson Avenues.
“Essentially we seek properties that are close to transit access and Court Square is one of the most heavily serviced by transit in metro New York,” Mr. Twining said. “We just think that Long Island City is going to continue to grow and be a really exciting place to live.”
The 168-unit complex will house a mix of studios and one- and two-bedroom apartments. The smallest studios will start at 450 square feet.
Construction recently started on the development, and the foundation is currently being built. The project is slated for completion in fall 2017.
A spokeswoman for Santander declined to comment.